1
00:00:02,759 --> 00:00:08,840
Speaker 1: Bloomberg Audio Studios, Podcasts, radio news. Right now, we want

2
00:00:08,880 --> 00:00:11,680
Speaker 1: to turn back to the labor market. The US economy

3
00:00:11,720 --> 00:00:15,760
Speaker 1: added just seventy three thousand jobs in July, below almost

4
00:00:15,800 --> 00:00:17,960
Speaker 1: all estimates. And joining us now and please just say

5
00:00:17,960 --> 00:00:21,319
Speaker 1: we have Labor Secretary Lori Chavez d Ramir. Great to

6
00:00:21,360 --> 00:00:24,560
Speaker 1: have you with US. Secretary. Let's just start with these numbers,

7
00:00:24,600 --> 00:00:27,400
Speaker 1: because the figure that we got that was below all

8
00:00:27,560 --> 00:00:31,600
Speaker 1: estimates in the Bloomberg survey of economists to start.

9
00:00:31,640 --> 00:00:35,280
Speaker 2: What's your reaction, Well, certainly, we know they could have

10
00:00:35,360 --> 00:00:38,479
Speaker 2: been better, but you know, we look at the positive

11
00:00:38,600 --> 00:00:40,840
Speaker 2: because we still have a net positive almost a half

12
00:00:40,840 --> 00:00:43,960
Speaker 2: a million new jobs since the President took office. Where

13
00:00:43,960 --> 00:00:46,760
Speaker 2: did we see some of these you know gains. We

14
00:00:46,760 --> 00:00:49,639
Speaker 2: saw them in healthcare, we're seeing them in construction. We

15
00:00:49,720 --> 00:00:52,800
Speaker 2: are seeing the revisions I knows something to talk about,

16
00:00:53,640 --> 00:00:56,360
Speaker 2: and they were unexpected, those revisions. But most of those

17
00:00:56,360 --> 00:00:59,920
Speaker 2: sixty two percent of those were in education and seasonal workforce.

18
00:01:00,240 --> 00:01:02,360
Speaker 2: So you know, we sometimes see the numbers catch up

19
00:01:02,360 --> 00:01:04,280
Speaker 2: to what's on the ground. But I can tell you

20
00:01:04,319 --> 00:01:07,360
Speaker 2: why we're positive is because the President is delivering on

21
00:01:07,400 --> 00:01:11,319
Speaker 2: these trade deals, these tariff deals, understanding new countries are

22
00:01:11,360 --> 00:01:13,720
Speaker 2: moving forward and wanting to be at the table. And

23
00:01:13,959 --> 00:01:17,800
Speaker 2: why does that matter to the American business owner? As

24
00:01:17,840 --> 00:01:19,759
Speaker 2: you all know, I've been on my fifty state tour.

25
00:01:19,800 --> 00:01:22,840
Speaker 2: I just returned from several states. A lot of these

26
00:01:22,880 --> 00:01:26,000
Speaker 2: business owners had some uncertainty and understanding what was going

27
00:01:26,040 --> 00:01:28,320
Speaker 2: to happen. But now that the one big, beautiful bill

28
00:01:28,400 --> 00:01:30,679
Speaker 2: is done, I feel like the table has been set

29
00:01:30,720 --> 00:01:33,840
Speaker 2: and we're seeing those investments happen. So we've seen positive

30
00:01:33,920 --> 00:01:37,160
Speaker 2: job growth for sure, and they've been for the American workforce.

31
00:01:37,280 --> 00:01:39,920
Speaker 2: Native born workers are taking the lead. All job gains

32
00:01:39,920 --> 00:01:41,200
Speaker 2: have been native born workers.

33
00:01:41,240 --> 00:01:43,760
Speaker 3: I mean, with all due respect the positive job growth.

34
00:01:43,760 --> 00:01:46,720
Speaker 3: The most positive months you saw were still what the

35
00:01:46,760 --> 00:01:49,240
Speaker 3: Trump administration was calling the Biden economy. Right for the

36
00:01:49,240 --> 00:01:52,160
Speaker 3: first few months, when we saw those big numbers, that

37
00:01:52,280 --> 00:01:55,160
Speaker 3: was the Biden economy. Now that the Trump policy is

38
00:01:55,240 --> 00:01:58,320
Speaker 3: taking effect, you're seeing downward revisions of two hundred and

39
00:01:58,320 --> 00:02:01,360
Speaker 3: fifty eight thousand over the last couple of months, only

40
00:02:01,400 --> 00:02:04,880
Speaker 3: seventy three thousand jobs added. And it looks like, not

41
00:02:05,000 --> 00:02:10,400
Speaker 3: just to me, but to participants in this market, that

42
00:02:10,840 --> 00:02:15,280
Speaker 3: today's week payroll numbers are a direct result of the

43
00:02:15,320 --> 00:02:19,080
Speaker 3: conscious policy to limit immigration, and I'm just wondering if

44
00:02:19,080 --> 00:02:21,600
Speaker 3: that trade off is delivering the kind of benefits you

45
00:02:21,639 --> 00:02:23,400
Speaker 3: want to see to US born workers.

46
00:02:24,480 --> 00:02:26,400
Speaker 2: Well, I can tell you this, I've been a business

47
00:02:26,400 --> 00:02:28,919
Speaker 2: owner for twenty years. When we make decisions, we look

48
00:02:28,960 --> 00:02:32,520
Speaker 2: at all aspects, and there's certainly snapshots. But what has

49
00:02:32,520 --> 00:02:36,000
Speaker 2: happened on the ground, the one big beautiful bill by Congress,

50
00:02:36,360 --> 00:02:39,079
Speaker 2: the President leaning in and keeping the promises made by

51
00:02:39,240 --> 00:02:44,160
Speaker 2: negotiating fair trade deals for the American workforce. And now

52
00:02:44,160 --> 00:02:46,760
Speaker 2: what we need is the Federal Reserve to jump in

53
00:02:46,840 --> 00:02:49,640
Speaker 2: and lower those interest rates. I talked to businesses just

54
00:02:49,760 --> 00:02:52,600
Speaker 2: yesterday who said, you know, we've invested in our American workers,

55
00:02:52,960 --> 00:02:55,880
Speaker 2: We're paying attention to our facilities. We're wanting to invest

56
00:02:55,919 --> 00:02:58,640
Speaker 2: in borrow more money, but they're concerned with borrowing that

57
00:02:58,680 --> 00:03:01,280
Speaker 2: more money. So that's another leg of the stool that

58
00:03:01,360 --> 00:03:03,760
Speaker 2: can be done. We should all be rowing in the

59
00:03:03,760 --> 00:03:04,359
Speaker 2: same direction.

60
00:03:04,440 --> 00:03:06,600
Speaker 3: But is it the only leg of the stool that matters,

61
00:03:07,200 --> 00:03:10,280
Speaker 3: Madam Secretary, Because we had a three month run rate

62
00:03:10,320 --> 00:03:12,520
Speaker 3: adding one hundred and fifty thousand jobs, and now that

63
00:03:12,560 --> 00:03:18,320
Speaker 3: those policies that this administration has put into effect are active,

64
00:03:18,760 --> 00:03:20,720
Speaker 3: we're looking at a run rate a three month run

65
00:03:20,760 --> 00:03:25,320
Speaker 3: rate of thirty seven thousand, So it's drastically fallen. And

66
00:03:26,080 --> 00:03:28,320
Speaker 3: what it looks like is the policies that you're putting

67
00:03:28,360 --> 00:03:31,240
Speaker 3: into place are reducing job growth.

68
00:03:32,080 --> 00:03:34,800
Speaker 2: Strong job growth has happened three point nine percent over

69
00:03:34,840 --> 00:03:38,600
Speaker 2: the last year. Consumer confidence is up, unemployment is holding

70
00:03:38,680 --> 00:03:42,120
Speaker 2: steady again. Almost a half a million new jobs have

71
00:03:42,160 --> 00:03:44,080
Speaker 2: been added since President Trump has leaned in.

72
00:03:44,400 --> 00:03:44,960
Speaker 3: I can tell you this.

73
00:03:45,080 --> 00:03:48,360
Speaker 2: It's not the only leg of the stool for interest rates,

74
00:03:48,440 --> 00:03:50,800
Speaker 2: but it's one of the important legs right now because

75
00:03:50,840 --> 00:03:53,560
Speaker 2: as businesses now know that the table is set with

76
00:03:53,640 --> 00:03:55,680
Speaker 2: the one big beautiful bill, they know that they can

77
00:03:55,720 --> 00:03:58,360
Speaker 2: have the right offs for their businesses. They understand that

78
00:03:58,400 --> 00:04:01,240
Speaker 2: they will have the skilled work for MY job on

79
00:04:01,280 --> 00:04:04,320
Speaker 2: the ground is provide that workforce. They're asking me, and

80
00:04:04,360 --> 00:04:07,080
Speaker 2: I'm asking them to invest in their workers, invest in

81
00:04:07,120 --> 00:04:11,080
Speaker 2: their companies, invest in their businesses across the country to

82
00:04:11,120 --> 00:04:14,400
Speaker 2: grow this economy. And that's what they're looking for now.

83
00:04:14,520 --> 00:04:18,080
Speaker 2: They want those interest rates down, and Jerome Pale should

84
00:04:18,080 --> 00:04:20,760
Speaker 2: do that. The President has leaned in for a reason,

85
00:04:20,839 --> 00:04:22,920
Speaker 2: and that's to keep those promises that he made. We're

86
00:04:22,960 --> 00:04:27,120
Speaker 2: going to continue to see over time those numbers go up.

87
00:04:27,560 --> 00:04:30,120
Speaker 2: But what we've seen federal jobs have been down. That's

88
00:04:30,120 --> 00:04:33,039
Speaker 2: what the President promise. We've seen local economy. We've seen

89
00:04:33,120 --> 00:04:35,200
Speaker 2: eighty four percent of the job growth has been in

90
00:04:35,200 --> 00:04:38,240
Speaker 2: the private sector. Why because the President has said that

91
00:04:38,279 --> 00:04:41,240
Speaker 2: he is investing in the American worker first. That's what

92
00:04:41,279 --> 00:04:44,760
Speaker 2: we're all about. I want these workers trained. We're seeing

93
00:04:44,800 --> 00:04:47,320
Speaker 2: it in AI. We're leaning in with our federal and

94
00:04:47,400 --> 00:04:50,520
Speaker 2: state partners together to say, let us give you the

95
00:04:50,560 --> 00:04:53,640
Speaker 2: workers that you need for market demands and your respective states.

96
00:04:53,960 --> 00:04:56,719
Speaker 2: I think that that's the focus that needs to be well.

97
00:04:56,720 --> 00:04:59,840
Speaker 1: Secretary, I want to talk about some specific industries here.

98
00:05:00,200 --> 00:05:02,800
Speaker 1: One of the interesting stats out of this numbers report

99
00:05:02,880 --> 00:05:06,000
Speaker 1: that is that without healthcare, actually the last three months

100
00:05:06,000 --> 00:05:08,440
Speaker 1: of payroll gains, it would have been negative in May,

101
00:05:08,600 --> 00:05:11,159
Speaker 1: negative in June, and negative in July. And then you

102
00:05:11,200 --> 00:05:14,800
Speaker 1: take a look at manufacturing shedding another eleven thousand jobs.

103
00:05:14,839 --> 00:05:17,160
Speaker 1: You take a look at the six months change shedding

104
00:05:17,200 --> 00:05:21,400
Speaker 1: twenty eight thousand jobs. What are the specific policies that

105
00:05:21,600 --> 00:05:25,200
Speaker 1: the administration has and is putting in place to revive

106
00:05:25,440 --> 00:05:27,880
Speaker 1: the manufacturing sector, because so far it looks like it's

107
00:05:27,920 --> 00:05:29,040
Speaker 1: continuing to shrink.

108
00:05:30,120 --> 00:05:32,320
Speaker 2: Well, I think that that's probably what we just talked about.

109
00:05:32,360 --> 00:05:35,200
Speaker 2: Those trade deals are now coming online again. I was

110
00:05:35,240 --> 00:05:38,440
Speaker 2: just in Japan last week with the Secretary of Treasury

111
00:05:38,640 --> 00:05:41,000
Speaker 2: and that trade deal came in. We see the European

112
00:05:41,160 --> 00:05:43,680
Speaker 2: Union has come in. We're seeing other countries as well.

113
00:05:44,000 --> 00:05:46,280
Speaker 2: It's that certainty that we have to give businesses that

114
00:05:46,279 --> 00:05:48,479
Speaker 2: that is being done, and then as well that they're

115
00:05:48,520 --> 00:05:50,479
Speaker 2: going to have the workforce. So what do we have

116
00:05:50,520 --> 00:05:52,880
Speaker 2: to do. I'm working with the Department of Education. I

117
00:05:52,920 --> 00:05:56,520
Speaker 2: am working to skill those that workforce. We're working with

118
00:05:56,560 --> 00:06:01,240
Speaker 2: our community colleges, our technical schools. Businesses are investing in

119
00:06:01,279 --> 00:06:04,479
Speaker 2: centers of excellence. They just need a quarter turn for

120
00:06:04,720 --> 00:06:07,520
Speaker 2: those workers to be trained and ready to go. One

121
00:06:07,520 --> 00:06:10,040
Speaker 2: of those ways is executive orders to work with our

122
00:06:10,080 --> 00:06:12,560
Speaker 2: state partners in order to get them trained and really

123
00:06:12,680 --> 00:06:14,719
Speaker 2: lean in and have them right there on the ground.

124
00:06:14,880 --> 00:06:17,679
Speaker 2: So when you see the uncertainty or the numbers drop

125
00:06:17,760 --> 00:06:20,360
Speaker 2: over time, it's a snapshot in time. It doesn't make

126
00:06:20,400 --> 00:06:23,800
Speaker 2: a trend. We're seeing it over time. The President has

127
00:06:23,839 --> 00:06:26,760
Speaker 2: this right. The American business owner is believing in what

128
00:06:26,800 --> 00:06:29,200
Speaker 2: they see and now with this one big beautiful bill,

129
00:06:29,520 --> 00:06:31,359
Speaker 2: and if interest rates drop. I think that you're going

130
00:06:31,440 --> 00:06:34,279
Speaker 2: to see more and more investments. I really couldn't be

131
00:06:35,279 --> 00:06:37,360
Speaker 2: more clear. When I'm talking to these business owners on

132
00:06:37,400 --> 00:06:40,200
Speaker 2: the ground. I've visited twenty states. They are all excited.

133
00:06:40,360 --> 00:06:42,960
Speaker 2: They all understand their marching orders now, and that's to

134
00:06:43,040 --> 00:06:45,160
Speaker 2: invest in the American worker. And we're going to continue

135
00:06:45,160 --> 00:06:46,480
Speaker 2: to double down and do just that.

136
00:06:46,600 --> 00:06:48,160
Speaker 3: Well, it does look like we're going to see interest

137
00:06:48,240 --> 00:06:50,719
Speaker 3: rates cut at the next meeting, at least the market

138
00:06:50,760 --> 00:06:53,280
Speaker 3: is pricing that in Madam Secretary, and we're looking at

139
00:06:53,360 --> 00:06:57,360
Speaker 3: rates drop really across the curve today. The ten year

140
00:06:57,720 --> 00:07:03,240
Speaker 3: down around four twenty five is relatively low. With that

141
00:07:03,360 --> 00:07:07,640
Speaker 3: backdrop and the tax policy of the One Big Beautiful Bill,

142
00:07:07,760 --> 00:07:11,840
Speaker 3: and the deregulation that this administration has promised, what kind

143
00:07:11,880 --> 00:07:14,600
Speaker 3: of jobs growth do you expect us to get back

144
00:07:14,600 --> 00:07:15,480
Speaker 3: to this year.

145
00:07:16,400 --> 00:07:19,120
Speaker 2: Well, I'm making the assumption that with all of those

146
00:07:19,160 --> 00:07:22,120
Speaker 2: being in play, when I think about the deregulatory framework

147
00:07:22,160 --> 00:07:24,480
Speaker 2: that the President also has asked us to do, the

148
00:07:24,560 --> 00:07:28,800
Speaker 2: Department of Labor has just issued sixty three deregulatory actions

149
00:07:29,160 --> 00:07:33,280
Speaker 2: in Trump administration, one thirty deregulatory actions were done over

150
00:07:33,320 --> 00:07:35,680
Speaker 2: the four years. We've already done sixty three in the

151
00:07:35,720 --> 00:07:37,600
Speaker 2: first six months, and we're going to be looking to

152
00:07:37,640 --> 00:07:40,240
Speaker 2: our companies to weigh in on this, because what does

153
00:07:40,280 --> 00:07:45,240
Speaker 2: the President want, modernization, streamlining, cost cutting. He wants to

154
00:07:45,240 --> 00:07:48,360
Speaker 2: be an ally for the American workforce, not an adversary.

155
00:07:48,400 --> 00:07:51,240
Speaker 2: And for far too long, you know, the Department of

156
00:07:51,320 --> 00:07:53,560
Speaker 2: Labor or any other agency has not said, we're going

157
00:07:53,600 --> 00:07:55,880
Speaker 2: to be your partners. So we will continue to go

158
00:07:55,920 --> 00:07:58,200
Speaker 2: around the country. We will continue to lean in on

159
00:07:58,280 --> 00:08:01,920
Speaker 2: interest rates, on investments from companies on the worker because

160
00:08:02,000 --> 00:08:04,200
Speaker 2: we want to keep more money in their pockets. And

161
00:08:04,240 --> 00:08:07,400
Speaker 2: we're seeing that consumer confidence. Wage growth is up, so

162
00:08:07,720 --> 00:08:10,040
Speaker 2: there's a lot of positive here. We'd like to see

163
00:08:10,040 --> 00:08:12,120
Speaker 2: better numbers, but we're going to continue to double down

164
00:08:12,160 --> 00:08:13,400
Speaker 2: so those numbers continue to grow.

165
00:08:13,560 --> 00:08:16,000
Speaker 1: All right, Secretary, have to leave it there. Really appreciate

166
00:08:16,040 --> 00:08:19,320
Speaker 1: your time this morning. That is Labor Secretary Lori Chavez

167
00:08:19,440 --> 00:08:19,880
Speaker 1: de Rimer